Top Life Insurance Plans in the UAE

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  | Published: 20 November 2019 | Last Updated On: 08 February 2021

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Life insurance provides cover for the life of the insured in case of any unfortunate situation. In exchange for this, it charges level, regularly-due premium payments. Along with a death benefit, sometimes this policy also consists of a savings component where the interest may be accumulated on a tax-deferred basis. An essential component of whole life insurance is the growing cash value.

There are two main types of life insurance, namely whole life insurance and term insurance. The decision between the two policies is a personal choice. The first phase of the decision-making process is choosing between the cost of the whole life and the term. Whole life policies are priced higher than term policies for your entire life with a similar amount of coverage, whereas, term policies protect you for a pre-specified period of time. Your main concern for consideration should be having adequate coverage when you need it.

Why Should You Opt for Life Insurance Plans in UAE?

The purpose of life insurance is to provide financial security to the dependents after the insured has passed away. It is important for applicants to examine their financial situation and decide the standard of living needed for their dependents before opting for any life insurance policy. Once life insurance plans have been issued, they cannot be reduced, canceled, or revoked except for in cases of fraud or non-payment. This attaches a degree of certainty to the life insurance plans.

The advantages of life insurance plans are:

  • Protection for life: The life insurance plans don’t expire or decrease in value.
  • Level Premiums: The rate of premium you pay for your policy remains constant and will never increase.
  • Cash Value: A portion of your premium accumulates as cash value which can be borrowed against.
  • Guaranteed Death Benefit: The amount your loved ones receive in case of any unforeseen circumstance is guaranteed.

Top Life Insurance Plans in the UAE

The top life insurance plans across the UAE are:

Provider

Life Insurance Plan

Cover

 

Union Insurance

The Sure Term International Life Insurance Program

  • Death Benefit
  • Global Coverage
  • 1 to 10 years of coverage

Noor Takaful

Pure Protection Plan

  • Primary Takaful Cover
  • Additional cover such as permanent total disability, critical illness, accidental death, and takaful contribution waiver.

Life Care Plan

  • Death Benefit
  • Additional cover such as permanent total disability, critical illness, accidental death, and takaful contribution waiver.

Alliance Insurance

Whole Life Insurance

  • Level Premium Whole Life Plan
  • Limited Payment Whole Life Plan

Term Insurance Plan

  • Tenure of 10,20, or 30 years
  • Or until the age of 65 or 70 years

Salama

Hemaya Plus Term Plan

  • Most affordable
  • Customization of the plan with an accidental death benefit, permanent total disability, and much more.

Hyat Plus Whole Life Plan

  • Worldwide coverage
  • Up to the age of 100 years
  • Entry age 18 years
  • Maximum age of 74 years

Hyat Superior Whole Life Plan

  • No nil allocation period
  • Age between 18-74 years
  • Maturity at 100 years


Top Life Insurance Providers in the UAE

The top insurance providers in the UAE are:

Union Insurance

Union Insurance understands that life is uncertain, but they believe that it doesn’t have to be the case of your family’s future. Union insurance secures your family with financial stability in case of any unforeseen events. 

The Sure Term Insurance provides coverage in the following aspects:

  • Coverage regardless of the cause: You are covered against death irrespective of the cause.
  • Global Coverage: The life insurance plan is designed to be fully portable and to provide global coverage.
  • Coverage initiated immediately: Your life insurance coverage is started within a few minutes of the signup process without any waiting or complicated procedures.
  • Flexible tenure: You can choose a plan for the tenure that suits you the best.
  • Easy payment: You can easily provide financial security to your family for the future through easy and hassle-free credit card payments.
  • Primary & supplementary life insurance plans: This Insurance plan acts as primary as well as supplementary life insurance plans.

Noor Takaful

Noor Takaful provides protection in the form of the Pure Protection Plan and the Life Care Plan. The Pure Protection covers your family in case of any unforeseen event. It is very cost-friendly and can be well suited for short duration financial goals such as coverage to pay off a loan. It can also be used to provide extra protection to your child during his growing years.

Life Care is an investment-linked plan that provides cover for life so that your loved ones are financially secure. The sum covered is paid to your family members following your death at any time. Additionally, the plan provides the flexibility to pay additional contributions in the form of future savings, which is invested in the Shariah-compliant Takaful fund. This accumulates cash value for your future needs. There is also an option to pay for a limited number of years though the cover will continue for life.

Alliance Insurance

Alliance Insurance offers two types of life insurance plans, the whole life insurance, and the term life insurance.

Whole Life products provide coverage for the entire life of the insured and guarantee a fixed sum in the event of death, with an option to obtain cash payments before the maturity of the plan. The term insurance plan provides you life coverage for a specified period of time.

Salama

Salama offers a variety of term and whole life plans such as the Hemaya Plus Term plan which is for a specified period of time and the hyat plus and hyat superior whole life plans which do not have any expiry date.

On an Endnote

The UAE has numerous top providers that offer you great life insurance plans that can be chosen as per your specific needs.